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Cryptocurrencies have held an important place in the world for many years now. Even their biggest doubters have needed to admit to being wrong, and this is mainly because of currencies such as Ethereum.

Even though Bitcoin is the very first cryptocurrency, Ethereum is the one that took the concept to a completely new level, by introducing its possibility to host many different purposes for the first time. This introduction changed the whole crypto world completely, and has, after this, never gone back. Because of Ethereum, cryptocurrencies are expected to have a lot of other usages and not just work as payment.

Ethereum can be used for many different purposes

As we just mentioned, Ethereum did something that no cryptocurrency had done before; it introduced many other ways to use its blockchain. Because of this, people commonly use the blockchain’s name also for the token, which is called ETH.

Just like Bitcoin and Litecoin, Ethereum can be used as a payment. For example, many online gaming sites accept ETH as payment for deposits. You can take a look at to see that there are actually surprisingly many gaming sites that allow the player to use ETH.

However, this is not the only way to use ETH. One of the most popular purposes of the Ethereum blockchain is decentralizing finances which have become especially useful for different companies. The reason for this is that it makes their control of finances easier, and more companies are looking into this option.

Is Ethereum 2.0 going to be launched?

Even though Ethereum is very popular, the digital market is constantly renewing itself meaning that the cryptocurrency is quite old. Something that might be a big influence. Ethereum was launched in 2015, which is not necessarily very old age. Still, in the world of cryptocurrencies, this makes it incredibly old. There are constantly new currencies, and all of them compete to be the most popular option.

Ethereum’s old age shows in how well it works, and in the way, the blocks are mined. However, Ethereum is not giving up the battle by just letting another option to win. On the contrary, they announced some years ago that they have already started building Ethereum 2.0. This version would fix all these problems, and it would, supposedly, not affect the current users negatively and their old ETH tokens would work just as well with Ethereum 2.0.

Like many other inventions and improvements, Ethereum 2.0 has faced some issues, and the company announced that ‘Eth2’, as they also call it, will be phased out. What it entails is that the older version, ‘Eth1’ will merge with ‘Eth2’ creating a singe chain where there will be no distinction between the two.

Ethereum mining has become more accessible

Even though the merge has not yet been done, different changes have already happened. For instance, Norton antivirus allows now Ethereum mining. This makes mining more accessible for all kinds of people, who are interested in it. Just like cryptocurrencies, miners need to compete on who gets to mine the blocks. The fact that the whole process is made easier, is obviously encouraging for us commoners, who do not have the most high-tech equipment at home.

Kratika is Global Crypto's Admin Assistant. She has extensive experience working for top tech firms from around the world, and has a wealth of knowledge in the FinTech industry.